Ontario Registered Pension Plan Postponed

The Ontario government has reversed it's January decision to launch the Ontario Registered Pension Plan (ORPP) in January 2017 regardless of what the federal government does with CPP.  This week, the Ontario government has announced that it will work together with the federal government to achieve the mutual goal of improving pensions.

Enrolment for the ORPP will launch in January 2017 with the first contributions possible in January 2018.  In the meantime, Ontario, along with the other provinces will work with the federal government to explore possible enhancement to CPP designed to improve pension security for Canadians.  These possibilities are to be developed by the end of May 2016 in time for the June 2016 meeting of Federal, provinical, and territorial finance ministers.

If provincial agreement on CPP enhancements is not reached, the ORPP will proceed following the new timetable.  If implemented, the ORPP would see mandatory contributions by both employees and employers for about 400 firms in Ontario which employ 500 or more workers and do not have a Registered Pension Plan in place for those employees.

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